Senate GOP Crafts Own Auto Bailout Package

Plan would repurpose $25B fuel-efficiency carrot already passed
By Harry Kimball,  Newser Staff
Posted Nov 19, 2008 1:47 PM CST

(Newser) – Senate Republicans are crafting legislation that would repurpose an already-approved $25 billion Energy Department initiative to bail out struggling automakers, the Detroit News reports. The plan is at odds with Democratic efforts, which would use money from the $700 billion Wall Street bailout to help Detroit. The Energy money was originally intended to spur an increase in fuel efficiency.

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That goal would be dropped in the new plan, but GOP officials say the retooled legislation would include taxpayer protections, oversight, and limits on executive compensation, like Democratic proposals. “This is a proposal which I believe has support from both sides of the aisle, and that actually has the potential to pass right now,” Senate minority leader Mitch McConnell said.
(Read more Mitch McConnell stories.)

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